2508 Lincolnway W, Mishawaka, IN
$ 145,000 - Buy & Hold
5.0 bd | 2.0 ba | 1,452 sqft | 1941 | $ 1,200 Rent
IRR
26.16 %
Yield-on-Cost
8.59 %
Cash on Cash
15.79 %
Net Monthly Cashflow
$385
Description
Located a very close walking distance to St. Joseph River this property is in a great neighborhood with fantastic pride of ownership, this is a great house! Open living room with hardwood floors, a great kitchen which will have new cabinets countertops, stainless appliances. The bathrooms will be completely gutted to the studs and renovated with new tile to the ceilings, new vanities, new lighting, mirrors and so much more. Then there is the amazing basement which gets two new bedrooms, both with egress windows and a new bathroom! We can't wait for this home to be finished, and we think it will rent for $1,100-1,200 per month.
Buy & Hold Analysis
- IRR: 26.16 %
- Net Cashflow: $ 3,116
- Rehab Est: $ 70,000
- Cap Rate: 6.59 %
- Monthly Rent: $ 1,200
- ARV: $ 145,000
- Cash on Cash: 8.03 %
- Taxes: $ 1,100
Financial Analysis
- Loan Amnt: $ 84,000
- All-in Cost: $ 113,260
- Debt Coverage Ratio: 6.59 %
- Total Out of Pocket: $ 29,260
- Monthly Mortgage: $ 426
Expense Assumptions
- Prop Insurance: $ 1,160,000
- Vacancy: $ 720
- Prop Mgmt Fee: $ 1,440
- Maintenance: $ 720
- Capex: $ 0
Financing Assumptions
- Cash Purchase: No
- Loan Term: 360 months
- Down Payment: 25.00 %
- Points: 1.00
- Interest Rate: 4.50 %
- Interest only loan: No
Other Assumptions
- Closing Cost: $ 1,450
- Rental Holding Period: 4